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INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES | 12 Months Ended
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Mar. 31, 2025
Insurance [Abstract] |
INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES | INSURANCE CONTRACTS ASSETS AND LIABILITIES FROM INSURANCE ACTIVITIES As of March 31, 2025, and March 31, 2024, the Company recognized insurance-related assets and liabilities arising from its underwriting and reinsurance activities. Disclosures below are presented in accordance with the requirements of ASC 944-40-50-4A through 4I. The disclosures below relate solely to the Company's insurance operations and not to its other operating segments (Banking, Brokerage, and Other). Nature of Insurance Products The Company offers the following insurance products: - Long-Duration Contracts: Life insurance and annuity contracts - Short-Duration Contracts: General insurance products, including property (including automobile), accident, casualty, and civil liability lines. As of March 31, 2025, and March 31, 2024, insurance and reinsurance receivables of the Group were comprised of the following: Insurance contract assets
| March 31, 2025 |  | March 31, 2024
Assets: |  |  |
Amounts due from policyholders | $ | 15,197 |  |  | $ | 10,260 |
Amounts due from reinsured | 5,583 |  |  | 2,274 |
Advances paid for reinsurance | 5,364 |  |  | 3,231 |
Claims receivable from reinsurance | 3,023 |  |  | 1,400 |
Less provision for impairment losses | (2,432) |  |  | (1,045) |
Insurance and reinsurance receivables: | 26,735 |  |  | 16,120 |
Unearned premium reserve, reinsurers' share | 7,028 |  |  | 4,770 |
Reserves for claims and claims' adjustment expenses, reinsurers' share | 3,420 |  |  | 4,032 |
Total | $ | 37,183 |  |  | $ | 24,922 |
As of March 31, 2025, and March 31, 2024, insurance and reinsurance payables of the Company was comprised of the following: Insurance contract liabilities
| March 31, 2025 |  | March 31, 2024
Liabilities: |  |  |
Amounts payable to insured | $ | 9,417 |  |  | $ | 2,771 |
Amounts payable to agents and brokers | 6,287 |  |  | 6,334 |
Amounts payable to reinsurers | 1,669 |  |  | 4,294 |
Insurance and reinsurance payables: | 17,373 |  |  | 13,399 |
Unearned premium reserve | 87,194 |  |  | 60,088 |
Reserves for claims and claims' adjustment expenses | 376,972 |  |  | 223,693 |
Total | $ | 481,539 |  |  | $ | 297,180 |
Reserve Rollforward Table
| March 31, 2025 |  | March 31, 2024
Reserves for claims and claims' adjustment expenses, beginning of the year | $ | 223,693 |  |  | $ | 133,147 |
Reinsurance share, beginning of the year | (4,032) |  |  | (1,390) |
Reserves for claims and claims' adjustment expenses, net of reinsurance | 219,661 |  |  | 131,757 |
Claims and claims' adjustment expenses incurred: |  |  |
Current year | 234,782 |  |  | 108,431 |
Prior years, excluding discount and amortization of deferred gain | (6,429) |  |  | (163) |
Total claims and claims' adjustment expenses incurred | 228,353 |  |  | 108,268 |
Claims and claims' adjustment expenses paid: |  |  |
Current year | (27,551) |  |  | (13,464) |
Prior years | (14,290) |  |  | (9,926) |
Total claims and claims' adjustment expenses paid | (41,841) |  |  | (23,390) |
Other changes: |  |  |
Foreign exchange effect | (32,621) |  |  | 3,026 |
Total other changes | (32,621) |  |  | 3,026 |
Reserves for claims and claims' adjustment expenses, end of the year | 376,972 |  |  | 223,693 |
Reinsurance share, end of the year | (3,420) |  |  | (4,032) |
Total | $ | 373,552 |  |  | $ | 219,661 |
The decrease in incurred claims and claim adjustment expenses attributable to prior fiscal years primarily reflects favorable development in the Insurance of Vehicle Owners and Compulsory Employer Liability Insurance lines. The development was driven by lower-than-expected claim frequency for those prior accident years. No material assumption changes or premium adjustments were recorded as a result. Allocation by Contract Type
Reserves for claims and claims' adjustment expenses, net of reinsurance | Long-Duration |  | Short-Duration |  | Total
March 31, 2025 | $ | 289,275 |  |  | $ | 84,277 |  |  | $ | 373,552 |
March 31, 2024 | $ | 165,487 |  |  | $ | 54,174 |  |  | $ | 219,661 |
Allocation by Insurance Products
|  | As of March 31, 2025
|  | Reserves for claims and claims’ adjustment expenses |  | Reserves for claims and claims’ adjustment expenses, reinsurers’ share |  | Reserves for claims and claims’ adjustment expenses, net of reinsurance
Life Insurance |  | $ | 31,136 |  |  | $ | — |  |  | $ | 31,136 |
Accident Insurance |  | 12,336 |  |  | — |  |  | 12,336 |
Civil Liability |  | 10,137 |  |  | 425 |  |  | 9,712 |
Vehicle Owners |  | 7,457 |  |  | — |  |  | 7,457 |
Compulsory employer liability insurance |  | 5,572 |  |  | 522 |  |  | 5,050 |
Property Damage |  | 4,838 |  |  | 296 |  |  | 4,542 |
Motor Vehicle |  | 3,700 |  |  | 44 |  |  | 3,656 |
Other |  |  |  |  |  | 10,388 |
Total |  |  |  |  |  | $ | 84,277 |
Claims Development - Short-Duration Contracts Life Insurance
Incurred losses and LAE, net of reinsurance for the years ended March 31 |
Accident | The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
2018 | 5 |  | 11 |  | — |  | — |  | — |  | — |  | — |  | — |
2019 |  | 116 |  | 36 |  | — |  | — |  | — |  | — |  | — |
2020 |  |  | 49 |  | 21 |  | 1 |  | 1 |  | 1 |  | 1 |
2021 |  |  |  | 7 |  | 2 |  | — |  | — |  | — |
2022 |  |  |  |  | 101 |  | 200 |  | 193 |  | 24 |
2023 |  |  |  |  |  | 524 |  | 3,352 |  | 1,061 |
2024 |  |  |  |  |  |  | 13,605 |  | 6,508 |
2025 |  |  |  |  |  |  |  | 23,696 |
Total |  |  |  |  |  |  |  | 31,290 |
Cumulative paid losses and LAE, net of reinsurance |  |  |
2018 | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
2019 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
2020 |  |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |
2021 |  |  |  | — |  | — |  | — |  | — |  | — |
2022 |  |  |  |  | — |  | — |  | — |  | — |
2023 |  |  |  |  |  | 1 |  | 3 |  | 3 |
2024 |  |  |  |  |  |  | 69 |  | 93 |
2025 |  |  |  |  |  |  |  | 57 |
Total |  |  |  |  |  |  |  | 154 |
Liabilities for loss and LAE, net of reinsurance |  |  | 31,136 |
The following table shows the average annual percentage payout of incurred losses for the Life Insurance line of business: Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
Average annual percentage payout | 16.9% | 8.5% | 8.0% | 66.6% | —% | —% | —% | —%
Accident Insurance
Incurred losses and LAE, net of reinsurance for the years ended March 31 |
Accident | The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
2018 | 2 |  | 4 |  | — |  | — |  | — |  | — |  | — |  | — |
2019 |  | 100 |  | 36 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |
2020 |  |  | 81 |  | 90 |  | 1 |  | 1 |  | 1 |  | 1 |
2021 |  |  |  | 248 |  | 185 |  | 1 |  | 1 |  | 1 |
2022 |  |  |  |  | 405 |  | 231 |  | 4 |  | 4 |
2023 |  |  |  |  |  | 791 |  | 643 |  | 10 |
2024 |  |  |  |  |  |  | 2,016 |  | 3,427 |
2025 |  |  |  |  |  |  |  | 9,119 |
Total |  |  |  |  |  |  |  | 12,563 |
Cumulative paid losses and LAE, net of reinsurance |  |  |
2018 | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
2019 |  | — |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |
2020 |  |  | — |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |
2021 |  |  |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |
2022 |  |  |  |  | 2 |  | 4 |  | 4 |  | 4 |
2023 |  |  |  |  |  | 5 |  | 10 |  | 10 |
2024 |  |  |  |  |  |  | 30 |  | 35 |
2025 |  |  |  |  |  |  |  | 175 |
Total |  |  |  |  |  |  |  | 227 |
Liabilities for loss and LAE, net of reinsurance |  |  | 12,336 |
The following table shows the average annual percentage payout of incurred losses for the Accident Insurance line of business: Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
Average annual percentage payout | 31.0% | 52.5% | 16.5% | —% | —% | —% | —% | —%
Civil Liability
Incurred losses and LAE, net of reinsurance for the years ended March 31 |
Accident | The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
2018 | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |
2019 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
2020 |  |  | — |  | — |  | — |  | — |  | — |  | — |
2021 |  |  |  | 1 |  | 2 |  | 2 |  | 2 |  | 2 |
2022 |  |  |  |  | 642 |  | 642 |  | 642 |  | 727 |
2023 |  |  |  |  |  | 1 |  | 58 |  | 579 |
2024 |  |  |  |  |  |  | 25 |  | 2,949 |
2025 |  |  |  |  |  |  |  | 7,632 |
Total |  |  |  |  |  |  |  | 11,890 |
Cumulative paid losses and LAE, net of reinsurance |  |  |
2018 | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 1 |
2019 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
2020 |  |  | — |  | — |  | — |  | — |  | — |  | — |
2021 |  |  |  | 1 |  | 2 |  | 2 |  | 2 |  | 2 |
2022 |  |  |  |  | 642 |  | 642 |  | 642 |  | 668 |
2023 |  |  |  |  |  | — |  | 58 |  | 76 |
2024 |  |  |  |  |  |  | — |  | 1,430 |
2025 |  |  |  |  |  |  |  | 1 |
Total |  |  |  |  |  |  |  | 2,178 |
Liabilities for loss and LAE, net of reinsurance |  |  | 9,712 |
The following table shows the average annual percentage payout of incurred losses for the Civil Liability line of business: Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
Average annual percentage payout | 38.2% | 29.6% | 5.6% | 21.3% | 3.4% | 1.9% | —% | —%
Vehicle Owners
Incurred losses and LAE, net of reinsurance for the years ended March 31 |
Accident | The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
2018 | 794 |  | 1,140 |  | 1,153 |  | 1,159 |  | 1,162 |  | 1,162 |  | 1,162 |  | 1,208 |
2019 |  | 946 |  | 1,364 |  | 1,387 |  | 1,396 |  | 1,415 |  | 1,420 |  | 1,477 |
2020 |  |  | 1,454 |  | 2,276 |  | 2,368 |  | 2,441 |  | 2,441 |  | 2,570 |
2021 |  |  |  | 2,683 |  | 4,294 |  | 4,406 |  | 4,436 |  | 4,653 |
2022 |  |  |  |  | 5,478 |  | 8,224 |  | 8,375 |  | 8,873 |
2023 |  |  |  |  |  | 8,246 |  | 10,901 |  | 11,540 |
2024 |  |  |  |  |  |  | 4,264 |  | 6,236 |
2025 |  |  |  |  |  |  |  | 18,830 |
Total |  |  |  |  |  |  |  | 55,387 |
Cumulative paid losses and LAE, net of reinsurance |  |  |
2018 | 794 |  | 1,140 |  | 1,153 |  | 1,159 |  | 1,162 |  | 1,162 |  | 1,162 |  | 1,208 |
2019 |  | 946 |  | 1,364 |  | 1,387 |  | 1,396 |  | 1,415 |  | 1,420 |  | 1,477 |
2020 |  |  | 1,454 |  | 2,276 |  | 2,368 |  | 2,441 |  | 2,441 |  | 2,570 |
2021 |  |  |  | 2,679 |  | 4,289 |  | 4,400 |  | 4,431 |  | 4,629 |
2022 |  |  |  |  | 5,471 |  | 8,194 |  | 8,344 |  | 8,783 |
2023 |  |  |  |  |  | 7,912 |  | 10,475 |  | 11,057 |
2024 |  |  |  |  |  |  | 4,002 |  | 5,911 |
2025 |  |  |  |  |  |  |  | 12,295 |
Total |  |  |  |  |  |  |  | 47,930 |
Liabilities for loss and LAE, net of reinsurance |  |  | 7,457 |
The following table shows the average annual percentage payout of incurred losses for the Vehicle Owners line of business: Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
Average annual percentage payout | 63.0% | 29.2% | 2.1% | 1.6% | 0.7% | 0.8% | 0.6% | 1.9%
Compulsory employer liability insurance
Incurred losses and LAE, net of reinsurance for the years ended March 31 |
Accident | The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
2018 | 428 |  | 503 |  | 636 |  | 718 |  | 764 |  | 881 |  | 1,044 |  | 1,162 |
2019 |  | 533 |  | 453 |  | 428 |  | 415 |  | 512 |  | 555 |  | 555 |
2020 |  |  | 855 |  | 783 |  | 685 |  | 767 |  | 861 |  | 885 |
2021 |  |  |  | 1,038 |  | 1,068 |  | 1,399 |  | 1,079 |  | 897 |
2022 |  |  |  |  | 1,013 |  | 1,107 |  | 1,177 |  | 1,022 |
2023 |  |  |  |  |  | 1,356 |  | 1,270 |  | 1,261 |
2024 |  |  |  |  |  |  | 2,621 |  | 2,900 |
2025 |  |  |  |  |  |  |  | 7,694 |
Total |  |  |  |  |  |  |  | 16,376 |
Cumulative paid losses and LAE, net of reinsurance |  |  |
2018 | 189 |  | 358 |  | 546 |  | 635 |  | 673 |  | 723 |  | 888 |  | 1,105 |
2019 |  | 196 |  | 290 |  | 306 |  | 332 |  | 346 |  | 354 |  | 448 |
2020 |  |  | 196 |  | 380 |  | 450 |  | 493 |  | 551 |  | 600 |
2021 |  |  |  | 241 |  | 408 |  | 510 |  | 522 |  | 538 |
2022 |  |  |  |  | 411 |  | 596 |  | 633 |  | 665 |
2023 |  |  |  |  |  | 334 |  | 556 |  | 628 |
2024 |  |  |  |  |  |  | 1,063 |  | 1,725 |
2025 |  |  |  |  |  |  |  | 5,617 |
Total |  |  |  |  |  |  |  | 11,326 |
Liabilities for loss and LAE, net of reinsurance |  |  | 5,050 |
The following table shows the average annual percentage payout of incurred losses for the Compulsory employer liability insurance line of business: Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
Average annual percentage payout | 34.6% | 13.0% | 6.0% | 5.1% | 2.0% | 3.9% | 14.0% | 16.6%
Property Damage
Incurred losses and LAE, net of reinsurance for the years ended March 31 |
Accident | The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
2018 | 420 |  | 455 |  | 497 |  | 497 |  | 497 |  | 497 |  | 497 |  | 517 |
2019 |  | — |  | — |  | — |  | 9 |  | 9 |  | 9 |  | 10 |
2020 |  |  | 7 |  | 7 |  | 7 |  | 7 |  | 11 |  | 12 |
2021 |  |  |  | 2 |  | 7 |  | 107 |  | 107 |  | 111 |
2022 |  |  |  |  | 6 |  | 25 |  | 111 |  | 115 |
2023 |  |  |  |  |  | 64 |  | 86 |  | 113 |
2024 |  |  |  |  |  |  | 110 |  | 593 |
2025 |  |  |  |  |  |  |  | 3,934 |
Total |  |  |  |  |  |  |  | 5,405 |
Cumulative paid losses and LAE, net of reinsurance |  |  |
2018 | 420 |  | 455 |  | 497 |  | 497 |  | 497 |  | 497 |  | 497 |  | 517 |
2019 |  | — |  | — |  | — |  | 9 |  | 9 |  | 9 |  | 10 |
2020 |  |  | 7 |  | 7 |  | 7 |  | 7 |  | 11 |  | 12 |
2021 |  |  |  | 2 |  | 7 |  | 107 |  | 107 |  | 111 |
2022 |  |  |  |  | 6 |  | 25 |  | 111 |  | 115 |
2023 |  |  |  |  |  | — |  | 22 |  | 23 |
2024 |  |  |  |  |  |  | 38 |  | 42 |
2025 |  |  |  |  |  |  |  | 33 |
Total |  |  |  |  |  |  |  | 863 |
Liabilities for loss and LAE, net of reinsurance |  |  | 4,542 |
The following table shows the average annual percentage payout of incurred losses for the Property Damage line of business: Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
Average annual percentage payout | 19.6% | 9.7% | 32.6% | 28.3% | 7.0% | 0.3% | 0.6% | 1.9%
Motor Vehicle
Incurred losses and LAE, net of reinsurance for the years ended March 31 |
Accident | The information about incurred and paid claims development for the years ended March 31, 2018 to 2024, is presented as supplementary information.
Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025
2018 | 133 |  | 153 |  | 156 |  | 156 |  | 156 |  | 156 |  | 156 |  | 163 |
2019 |  | 164 |  | 181 |  | 184 |  | 184 |  | 184 |  | 184 |  | 192 |
2020 |  |  | 169 |  | 233 |  | 233 |  | 234 |  | 234 |  | 243 |
2021 |  |  |  | 229 |  | 310 |  | 322 |  | 327 |  | 341 |
2022 |  |  |  |  | 230 |  | 386 |  | 386 |  | 411 |
2023 |  |  |  |  |  | 568 |  | 903 |  | 939 |
2024 |  |  |  |  |  |  | 2,270 |  | 3,824 |
2025 |  |  |  |  |  |  |  | 4,424 |
Total |  |  |  |  |  |  |  | 10,537 |
Cumulative paid losses and LAE, net of reinsurance |  |  |
2018 | 133 |  | 153 |  | 156 |  | 156 |  | 156 |  | 156 |  | 156 |  | 163 |
2019 |  | 164 |  | 181 |  | 184 |  | 184 |  | 184 |  | 184 |  | 192 |
2020 |  |  | 169 |  | 233 |  | 233 |  | 234 |  | 234 |  | 243 |
2021 |  |  |  | 229 |  | 310 |  | 322 |  | 327 |  | 341 |
2022 |  |  |  |  | 230 |  | 382 |  | 382 |  | 407 |
2023 |  |  |  |  |  | 397 |  | 715 |  | 743 |
2024 |  |  |  |  |  |  | 1,752 |  | 2,599 |
2025 |  |  |  |  |  |  |  | 2,193 |
Total |  |  |  |  |  |  |  | 6,881 |
Liabilities for loss and LAE, net of reinsurance |  |  | 3,656 |
The following table shows the average annual percentage payout of incurred losses for the Motor Vehicle line of business: Average annual percentage payout of incurred losses by age, net of reinsurance (unaudited)
Years | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
Average annual percentage payout | 62.2% | 25.3% | 5.0% | 4.2% | 0.4% | 0.3% | 0.6% | 1.9%

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